Coin Gabbar Token

<h2 id="header-0">SEC Takes Legal Action Against Binance, Seeks Asset Freeze and Repatriation of Customer Funds</h2>On June 6, the United States Securities and Exchange Commission (SEC) took legal action against Binance, Binance.US, and CEO Changpeng Zhao (CZ), filing an emergency motion in the District of Columbia U.S. District Court. The SEC&#39;s motion sought a temporary restraining order and outlined eight actions it requested to be taken.One of the key requests made by the SEC was to freeze the assets of Binance.US and facilitate the repatriation of fiat and <a href="https://www.coingabbar.com/en/crypto-blogs-details/the-increasing-popularity-of-cryptocurrency-in-5-different-countries" rel="noopener noreferrer nofollow">cryptocurrency</a> held on behalf of U.S. customers. The motion also sought to prevent the destruction, alteration, or concealment of records related to the case. The SEC emphasized the need for expedited action due to concerns regarding customer asset safety and the potential dissipation of assets in light of Binance&#39;s history of alleged violative conduct, disregard for U.S. laws, evasion of regulatory oversight, and unresolved questions regarding financial transfers and customer asset custody and control.<h3 id="sec-seeks-approval-for-proposed-order-to-transfer-binance-us-customer-assets-and-obtain-comprehensive-customer-lists">SEC Seeks Approval for Proposed Order to Transfer Binance.US Customer Assets and Obtain Comprehensive Customer Lists</h3>Accompanying the motion was a proposed order awaiting the judge&#39;s approval. The proposed order outlined several conditions, including the transfer of assets belonging to U.S. customers back to Binance.US within a timeframe of 10 days. Furthermore, the defendants were required to transfer all customer <a href="https://www.coingabbar.com/en/crypto-blogs-details/what-you-must-know-investing-crypto" rel="noopener noreferrer nofollow">crypto assets</a> to new wallets with new private keys held by BAM Trading officers and employees based in the United States. The proposed order stated that customer assets would remain redeemable, but transfers exceeding $100,000 would require special handling.The defendants were also obligated to provide the <a href="https://www.coingabbar.com/en/crypto-currency-news/sec-files-lawsuit-against-coinbase" rel="noopener noreferrer nofollow">SEC</a> with a comprehensive list of customer fiat and crypto assets, as well as a list of Binance.US customers and their respective balances.The SEC&#39;s legal action followed a previous lawsuit filed against Binance by the commission for alleged securities law violations. While Binance had dismissed many of these allegations as a &#34;conspiracy theory,&#34; the SEC&#39;s motion sought to address these concerns through legal means.In summary, the SEC&#39;s recent legal action against <a href="https://www.coingabbar.com/en/crypto-currency-news/binanceus-and-cz-look-to-reduce-his-stake-amid-us-regulatory-scrutiny" rel="noopener noreferrer nofollow">Binance</a>, Binance.US, and CZ is aimed at safeguarding customer assets, preventing the dissipation of available assets, and addressing alleged violative conduct and evasion of regulatory oversight. The proposed order outlines specific actions to be taken, including asset freezes, repatriation of funds, and enhanced custody measures for customer assets.

SEC Takes Legal Action Against Binance Over Securities Violations

Table of Contents

Coingabbar

Other articles published on Jun 8, 2023

Bored Ape X Club (BAXC): The most Traded NFT collection on MultiversX blockchain

DeFi defies SEC drama as market participants maintain positive sentiment amidst falling prices

CZ Denies Allegations of Binance User Fund Diversion

World Mobile Plans Major African Expansion of Its DeWi Service

Claire Silver and RSTLSS to create a digital fashion minting experience

Ethereum Price Consolidates Below $1,900: What Could Trigger A Sharp Decline?

Join our free newsletter for daily crypto updates!